Financial Independence Daily FI discussion thread - August 21, 2020 |
- Daily FI discussion thread - August 21, 2020
- Rules for an adult child opening an HSA
- Idk if this is the right place but I'm considering selling my car and finding an apartment and job that I can walk back forth too
- Weekly FI Frugal Friday thread - August 21, 2020
| Daily FI discussion thread - August 21, 2020 Posted: 21 Aug 2020 01:08 AM PDT Please use this thread to have discussions which you don't feel warrant a new post to the sub. While the Rules for posting questions on the basics of personal finance/investing topics are relaxed a little bit here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Have a look at the FAQ for this subreddit before posting to see if your question is frequently asked. Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. [link] [comments]  |
| Rules for an adult child opening an HSA Posted: 21 Aug 2020 11:39 AM PDT There was a comment in the daily discussion yesterday that an independent adult child who's still covered under their parent's HDHP health insurance is allowed to open their own independent HSA account, and actually contribute the family amount, even if the parents also contribute the full family amount. Obviously an HSA is the ultimate tax-free vehicle, and I would like to open one to speed up my path to FI. The reddit user provided these links: 1 2 Intrigued by this as I fit the description, I reached out to both my parent's financial advisor and CPA who does our taxes every year (mine separate from theirs), neither of which had heard anything about this rule and discouraged me from opening one. The advisor said that I am not allowed but after sending him a few links he said it is a gray area and the websites seem to support what I'm saying, but he's not sure about it and doesn't want to give me tax advice. The CPA said that he nor anyone in his office had ever heard this before and since my parents already contribute the full family amount every year, I shouldn't open one since it's already been maxed. I know I am now trumping two trusted financial experts for Reddit advice, which is hilariously stupid...but the HSA is too good to pass up if I am actually allowed to contribute. Besides they just seemed more uninformed and riding on the safe side than actually saying "nope that's not a rule, here's why." Does anyone have any experience with actually doing this and can speak to whether its okay or not? Or is anyone else here qualified to give me some answers and has actually heard about this? Here are some additional websites where I found further evidence that this is allowed: https://www.bedelfinancial.com/health-insurance-hsas-and-adult-children-your-questions https://askmrhsa.com/education/hsa-situations/hsas-and-children/ [link] [comments]  |
| Posted: 21 Aug 2020 03:50 PM PDT I avoided homelessness/ suicide blah blah about 6 months ago by deciding to buy a new car at the very last second. With it, I live in it and work from it. Well my issues with addiction are leading me towards finally dropping away from having a phone. Ive been addicted to internet porn for a decade and I just want a simple life now. Work, walk home, play my ps2 and pay for my rent. If I sell my car I won't have much to pay on it. I'll get rid of my phone bill too. I'll pretty much be living debt free which is a crazy powerful feeling. Anyone here have any experience or insight? [link] [comments]  |
| Weekly FI Frugal Friday thread - August 21, 2020 Posted: 21 Aug 2020 01:08 AM PDT Please use this thread to discuss how amazingly cheap you are. How do you keep your costs low? How do become frugal without taking it to the extremes of frupidity? What costs have you realized could be cut from your life without pain? Use this weekly post to discuss Frugality in general. While the Rules for posting questions on the basics of personal finance/investing topics are more relaxed here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. [link] [comments]  |
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